Moderate trading activity was witnessed at the cotton market with strong physical price. Buyers made a month forward deals for all grades on bargaining prices at around Rs 5,125 per maund during the trading session,said floor brokers.
The Karachi Cotton Association (KCA) spot rate gained strength and closed at Rs 5,600 per maund.
According to senior trader, Ghulam Rabbani, leading buyers were eager for fine grades and even paying slightly higher price on the back of growing demand of cloth and yarn and also as import was costly comparing to domestic price.
Shrinking of fine grades stocks provides opportunity to ginning units in Sindh and Punjab stations to ask maximum price for fine grades at around Rs 5,700 per maund.
The textile sector consolidated their long positions while market remained in steady tones and buyers increased their second grade-wise purchase in order to consolidate their future positions with fresh fine lots, he added.
The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,000 per maund to Rs 5,250 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,975 per maund.
According to KCA, following deals changed hands: 100 bales of Mirpurkhas at Rs 5,125 per maund, 100 bales of Vehari at Rs 5,200 per maund, 100 bales of upper Sindh at Rs 5,100 per maund and0 100 bales of southern Punjab at Rs 5,250 per maund.
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